Posted!

Join the Conversation

Comments

Welcome to our new and improved comments, which are for subscribers only.
This is a test to see whether we can improve the experience for you.
You do not need a Facebook profile to participate.

You will need to register before adding a comment.
Typed comments will be lost if you are not logged in.

Please be polite.
It's OK to disagree with someone's ideas, but personal attacks, insults, threats, hate speech, advocating violence and other violations can result in a ban.
If you see comments in violation of our community guidelines, please report them.

While I agree Congress needs to act, major overhaul of Old Age and Survivors Insurance is unnecessary and dangerous. Small modifications to OASI will make the program financially viable until 2090. It is unfair and unwise to characterize the program as bankrupt by 2035.

In 2015, revenue into OASI was $801 billion and expenditures were $750 billion. Assets reserves were $2.7 trillion. Slight increases in normal retirement age and payroll taxes coupled with a reduction of 10 percent of future benefits make the program stable over the lifetime of all millennials.

Barnes' suggestion that millennials would self-fund retirement is a dream. Social Security was enacted because people had not and probably would not save, unless forced. Americans' medium net wealth is $44,900 per adult. If citizens are not forced to save, at some point in the future, massive amounts of welfare dollars would be needed to take care of a desperate retired population.

I hope millennials do get involved to urge Congress to make adjustments to OASI. Urge modifications based upon facts and the reality of human nature.